Commenting on the acquisition Jean Claude Gandur, President and Chief Executive Officer of Addax Petroleum said, "We believe that the JDZ offers world-class exploration potential. This acquisition follows our strategy of investing in the JDZ as a core exploration area for Addax Petroleum."
In return for obtaining Overt's 5 per cent participating interest in Block 4, Addax Petroleum is obligated to pay:
Block 4 covers a gross area of 857 square kilometers (211,773 acres) and the water depth ranges from approximately 1,800 to 2,200 meters. Seismic data acquired over Block 4 is presently being analyzed to delineate potential drilling locations.
Nigeria-Sao Tome & Principe JDZ
The JDZ is located approximately 200 kilometres offshore Nigeria and is adjacent to areas where several large petroleum discoveries have been made. The JDZ was established in 2001 following the ratification of a formal bilateral treaty between Nigeria and the island nation of Sao Tome and Principe. The JDZ is administered by the JDA.
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